A Bankruptcy Court Proposal
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Using projected cash ow, the following would appear to be the start-up scenario:
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Low Probability Unencumbered Cash Less: Debt Service Free Cash Flow Median Probability Unencumbered Cash Less: Debt Service Free Cash Flow High Probability Unencumbered Cash Less: Debt Service Free Cash Flow $ 30,414 6,770 $ 23,644 $ 45,804 6,770 $ 39,034 $ 61,194 6,770 $ 54,424
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This all suggests that an appropriate buyer would want to have 6 to 12 months living expenses tucked away in addition to the $75,000 required as down payment The bank has indicated its willingness to provide up to a $25,000 working capital loan for such a buyer This bank has had ve years of rewarding experience from working with the previous owner, and it feels the business has good potential The bank is aware of the conditions leading to bankruptcy and had refused to lend additional money for expansion in the direction the owner took the business This case has been included in a book on valuation primarily to show the very wide ways in which business valuation might be put to use Many see valuation as a static process offering no more than a periodic snapshot of business value Others use elements of the process to assist in capital equipment expansion planning and to measure growth With imagination, this case suggests to the reader other possible ways to mold ndings into further use beyond the report Gathered under the heading of a successful company, the low, median, and high technique could be used to show lenders the extent of exposure under varying possible outcomes For example, this technique helps bankers evaluate risk and, quite importantly, shows the lender that the buyer or owner is also thinking about risk and planning to avoid it With the odds of business success stacked so high against small companies, it is also my hope that this chapter provides some help to those struggling to overcome hard times The business was ultimately sold yielding $70 on the dollar for unsecured creditors Be aware, however, that many businesses entering 11 bankruptcy never recover Some months ago, a major US newspaper carried a story estimating that 9 out of 10 businesses failed to survive restructuring under 11 My own experience through consulting with the courts and trustees is considerably bleaker than that We are a proud people in general, and most of us take pride in paying our bills
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When times get rough, we become embarrassed and go into hiding The cover-up that ensues pulls us further and further into the hole By the time we either can t take the stress any longer or are forced to close, our troubled businesses are in such shambles that there s little or nothing to salvage Creditors may have reached such anxiety that no amount of negotiation can pacify them By the time protection is sought and awarded by the courts, there quite regularly is no fuse left to burn between the dynamite and the explosion Once in a great while, a situation like this case can be found Mail-order businesses were prime candidates for ready, willing, and able buyers at the time it occurred As we now know, the mail-order industry has been hard hit during recent years However, I m pleased to report that this small company survives nicely in the niche it ultimately created Moving the operation to the Deep South several years ago, the company now markets its products exclusively through catalog sales Annual sales have reached in excess of $2 million, and the owners thrive For reasons I can t go into at this time, I must admit that two other similar mail-order cases did not survive In these two instances, I m still convinced that opportunity was there but never seized upon by their buyers Both valuation and purchase in the realm of bankruptcy proceeding are risky business to say the least Bankruptcy changes a man s nature I feel as though every person has lost con dence in me
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